PMIs are given as a number out of 100, with anything above 50 signalling growth and below signalling contraction.

Clearly, the UK’s shock vote to leave the European Union on June 23 has dealt a hammer blow to the service sector. Wednesday’s figures marks the first contraction in the services sector in more than four years and confirms the bleak flash estimates provided by Markit and CIPS on July 22.

The readings also showed the sharpest decline in both output and new business in the services sector in more than seven years.

“The marked service sector downturn follows news from sister PMI surveys showing construction activity suffering its steepest decline since mid-2009 and manufacturing output contracting at the fastest rate since late-2012. At these levels, the PMI data are collectively signalling a 0.4% quarterly rate of decline of GDP.

“It’s too early to say if the surveys will remain in such weak territory in coming months, leaving substantial uncertainty over the extent of any potential downturn. However, the unprecedented month-on-month drop in the all-sector index has undoubtedly increased the chances of the UK sliding into at least a mild recession.”

Here is Markit’s terrifying chart, showing just how massive the contraction in post-Brexit Britain has been so far:

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